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Vehicle Repossession
When they told me my Seattle vehicle was possessed I couldn't believe it. Right before I called my local Seattle priest, they called back and told me they meant repossessed, a simple slip. Not to me though, nor my Lamborghini Diablo.
When you finance or lease a car, truck or other vehicle, your creditor holds important rights on the vehicle until you have made the last loan payment or fully paid off your leasing obligation. If you default on your loan, the law in most states allows the creditor to repossess your car. In some states, creditors are allowed on your property to seize your car without letting you know in advance.
At the same time, the law usually does not allow your creditor to commit a breach of the peace (harming you or causing property damage) in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.
Creditors who breach the peace in the process of seizing your car may be required to compensate you if they harm you or your property.
It is easier to try to prevent vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you will be late with a payment. Many creditors will work with you if they believe you will be able to pay soon, even if the payment is slightly late.
Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later.
For this information and more, please visit the vehicle repossession web page from the Federal Trade Commission (FTC).
You may also wish to contact your state consumer protection office for more information about your state's vehicle repossession laws, your rights during repossession, or to how to file a complaint.
You may also wish to view information about the following topics:
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